An auction where the bidders place a single bid in writing and the highest bidder wins is called a ﬁrst-price sealed-bid auction.

Name: An auction where the bidders place a single bid in writing and the highest bidder wins is called a ﬁrst-price sealed-bid auction.
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In a first-price sealed-bid auction, bidders submit a single sealed bid and the highest bidder wins and pays the amount of their own bid.

An Auction Where the Bidders Place a Single Bid in Writing